Congratulations on reaching retirement. It’s not a destination, but a start. Now’s the time to take the opportunity to enjoy the things you really value. such as spending more time with family and friends, developing a new hobby, volunteering, or working on improving your health and wellbeing. And we’re here to help.
Where to start if you’ve retired
Once you’ve figured out the ways you’d like to spend your time in retirement, there are a few other steps you can take to feel more prepared financially.
1. Know your super balance
Understanding how you’ll fund the lifestyle you want in retirement, starts by knowing how much super you have. Just like checking your bank balance, it’s easy to check your super balance.
Simply log in to your account via the member portal. If you don’t have one, you can register for online access. Or you can check your super by using the AustralianSuper app.
2. Think about how you might fund your retirement
There’s more than one way to fund retirement. Super can be used to supplement the Government Age Pension if you’re eligible. Some people choose to keep their super invested in retirement by using an account based pension. While others can also rely on their own investments.
The Government Age Pension
The Government Age Pension
Around 62% of Australians over the age of 65 receive either a part or full Age Pension1.
The Age Pension is a regular fortnightly income paid by the government that’s designed to help eligible retired Australians pay for basic living expenses.
Staying invested with super
Staying invested with super
Keep your super working for you in retirement. With an account based pension, you can receive regular payments from your super and keep the rest invested to help your savings last longer. AustralianSuper offers an account based pension called Choice Income, which has won Canstar’s Outstanding Value award2 for six years running.
Working in retirement
Working in retirement
You may be retired, but it doesn't mean you have to stop working. In fact, there's a growing trend among older Australians to continue working past age 65, increasing from 6.4% in 2002 to 15% in 20223. This trend is driven by different reasons from boosting savings, to exploring new career opportunities or wanting to stay engaged with the workforce.
Savings and other investments
Savings and other investments
In addition to your super and the Government Age Pension, you might have your own savings accounts or investments to supplement your retirement income.
3. Get financial advice for your retirement
No two retirements are the same. Sometimes you need information that you can’t easily find online. As an AustralianSuper member, you can access our retirement webinars – as well as general over-the-phone advice4. Or, if you have more detailed questions, we can connect you to a financial adviser5.
Take control of your super
Keep your super invested in retirement and turn it into a regular income with a Choice Income account based pension.
OPEN AN ACCOUNT-
Important information to consider
- Source: Australian Institute of Health and Welfare, Age Pension. Released 7 September 2023.
- AustralianSuper received the Canstar Outstanding Value Award for Account Based Pension in 2024. Awards and ratings are only one factor to be taken into account when choosing a super fund.
- Source: OECD Data: Labour Force Participation Rate, 2022.
- There’s no charge for general advice about your super account. The financial advice you receive will be provided by Link Advice Pty Limited ABN 36 105 811 836, AFSL 238145 and will be their responsibility. Personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.
- Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account may be deducted from your AustralianSuper account subject to eligibility criteria.